Hedera's native token HBAR saw a slight 0.09% gain over the past 24 hours to trade at $0.05166. Volume came in at $46.71 million for the day. Over the past week, HBAR has dropped 7.95% but is up a modest 2.49% for the month. The 6-month return is negative, with HBAR down 25.60% as the broader crypto market remains under pressure.
Summarizing the key metrics, HBAR appears to have found some support around $0.05 after sharp declines in May and June. Trading activity has stabilized in recent weeks, suggesting consolidation before the next major move.
Analyzing the chart, HBAR is struggling to gain upside momentum after breaching the 2022 lows near $0.07. The next key support level to watch will be the 2022 low around $0.04. A break below that could open the door to more downside. Resistance remains at $0.06.
Should You Buy HBAR Now?
HBAR has long-term potential based on Hedera's strong corporate backing and real-world use cases. Dollar cost averaging could be a prudent strategy for long-term investors. However, with the technical trends still negative, traders may want to wait for a break back above $0.06 before going long.
What's the Future Outlook for HBAR?
In the near-term, HBAR remains vulnerable to further declines if the crypto bear market persists. A drop towards $0.04 is definitely possible. However, if the market can stabilize and build a base, HBAR could regain the $0.07 - $0.08 zone later this year. But more bullish confirmation is needed before calling a bottom.